Friday, January 30, 2009
Category:
Consolidation
The ever-increasing cost of energy proved to be a major bone of contention for many British people last year.
However, according to LloydsTSBCompare.com, a typical household could save up to £454 by switching suppliers, which equates to £7,384 million nation-wide. As a result, the company declared 30th December 2008 as ‘tackle your bills day’ in a bid to encourage people to review their household bills and make savings in 2009.
According to their research, 80 percent of households experienced a rise in energy bills last year. A rise in excess of £40 was incurred by 27 percent, and 30 percent believe that an additional rise of £40 could be on the cards this winter.
In spite of the increasing cost of energy, one in three people (36 percent) have never switched providers, and one in four are of the opinion that searching the market will be of no benefit to them. However, users of comparison sites found quite the opposite, with average annual savings of £284.
Comparison sites, such as LloydsTSBCompare.com, can be used to make like for like comparisons across a range of products including gas, electricity, broadband, motor insurance and travel insurance. This particular site also boasts the ability to check supermarket and petrol prices to assist in securing the best possible deals.
Steve Grainger, LloydsTSBCompare.com, commented: "A concerning 40 per cent of Brits said they don't know how they will cover their bills if prices continue to increase. December 30 is the perfect day for us all to concentrate on getting on top of our finances for the New Year. LloydsTSBCompare.com gives customers all the tools they need to cut their household bills and save money."
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Homeowners that are finding their finances tight at the moment due to multiple credit cards, store cards and hire purchase agreements, may wish to consider taking out a secured loan to
consolidate debts. One of many options available to consolidate debt, this could place existing debts into one, creating one simple, monthly repayment and potentially lowering initial monthly outgoings. Repayable over a term to suit the borrower from 5 to 25 years, it must be remembered that consolidating debts may increase the amount paid back overall and extend the repayment period of the debts.
